HP News Services

HP Editorial Staff,

US refiners tighten belts as golden era fades

HP News Services, HP Editorial Staff

US independent oil refiners are shelving projects and tightening budgets as a global glut of diesel and gasoline erodes their profit, ending a golden era of high refining margins.

India, Iran reach payment deal allowing refiners to buy Iranian crude

HP News Services, HP Editorial Staff

Indian refiners have been holding 55% of the oil payments to Iran after a prior route was halted in 2013. Iran was India's second-largest oil supplier before the recent sanctions.

China cuts West African oil imports as refiners cite delays, full tanks

HP News Services, HP Editorial Staff

Chinese loadings of West African crude declined from 19-month highs in May as delivery delays, port congestion and full tanks scuppered interest from private 'teapot' refiners.

Chemical companies see rosier results on low crude oil prices

HP News Services, HP Editorial Staff

Expectations for chemical sector earnings have been boosted by a combination of lower crude oil costs during the commodity's slump, along with strong demand for plastics.

Aramco makes first spot crude sale to Chinese teapot refiner

HP News Services, HP Editorial Staff

Aramco sold a crude oil cargo to an independent Chinese refinery, its first spot sale to such a buyer as the Saudi company looks to expand beyond its state-owned customers.

Pemex petrochemical plant explosion kills dozens, injures hundreds

HP News Services, HP Editorial Staff

At least 32 people died and 136 were injured after a leak caused a deadly explosion at the plant, and the death toll could still rise further, according to the CEO of oil giant Pemex.

US distillate fuel inventories post surprisingly huge drawdown

HP News Services, HP Editorial Staff

"Distillates are the standout bullish element of the report, and gasoline is the disappointment," said Matt Smith, commodity research director at energy data provider ClipperData.

Global refining margins help lift crude oil prices

HP News Services, HP Editorial Staff

By John KempLONDON, April 20 (Reuters) -- Global refining margins have improved significantly in recent weeks, which should support strong demand for crude and lend some strength to both spot prices a..

Kuwait lowers crude, refining production as workers strike

HP News Services, HP Editorial Staff

Kuwait reduced its crude oil output and refining production as part of an emergency plan to help the OPEC member deal with the largest oil and gas workers' strike in years.

Cheap oil is blunting drive for fuel efficiency

HP News Services, HP Editorial Staff

Now that the costs of transport fuel have dropped sharply and appear set to remain low for several years, the focus will shift from efficiency to speed, power and convenience.